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Junk Bonds

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  • UPDATE 1-S&P downgrades Chicago GO bonds to A- from A+ Thursday, 14 May 2015 | 7:57 PM ET

    CHICAGO, May 14- Chicago's credit rating suffered a new blow on Thursday when Standard& Poor's Ratings Services dropped it two notches to A-minus and warned it could fall even further. S&P's downgrade came just two days after Moody's Investors Service dropped Chicago's general obligation rating into the junk level in the wake of an Illinois Supreme Court...

  • CHICAGO, May 13- A day after pushing Chicago's credit rating to junk, Moody's Investors Service dropped ratings on Wednesday for the city's school and park districts to that level as well. Moody's dropped the rating on $6.2 billion of Chicago Board of Education general obligation bonds three notches to Ba3 and the rating on $616 million of Chicago Park District...

  • NEW YORK, May 13- A downgrade of Chicago's debt rating to junk created confusion in the $3.7 trillion U.S. municipal bond market on Wednesday, with prices sliding in a volatile session and predictions that they still have further to fall. While Moody's Investors Service downgraded the city's $8.1 billion of general obligation debt to junk at Ba1, other big Wall...

  • Moody's downgrades Chicago schools, park district ratings Wednesday, 13 May 2015 | 5:36 PM ET

    CHICAGO— Moody's Investors Service downgraded the debt of both the Chicago Public Schools and the Chicago Park District on Wednesday, a day after it downgraded the city's bond rating to junk status. Jesse Ruiz, interim CEO of Chicago Public Schools, said the court's decision shouldn't have impacted the school district's credit rating, noting the rating agency...

  • Moody's cuts Chicago credit rating to 'junk'   Wednesday, 13 May 2015 | 11:00 AM ET
    Moody's cuts Chicago credit rating to 'junk'

    Chicago debt was downgraded by Moody's to "junk" level. CNBC's Kate Rogers explains.

  • CHICAGO, May 12- Moody's Investors Service on Tuesday pushed Chicago's credit rating into the "junk" category, citing limited options for easing the city's growing unfunded pension liability after a state court last week invalidated a state pension reform law. The downgrade of Chicago's $8.1 billion of general obligation bonds moves the city's rating down...

  • CHICAGO— Moody's Investors Service announced Tuesday it has lowered Chicago credit rating to junk bond status, citing unfunded pension obligations and lagging tax revenue, in a move Mayor Rahm Emanuel called irresponsible. "Whether or not the current statutes that govern Chicago's pension plans stand, we expect the costs of servicing Chicago's unfunded...

  • Everyone's looking for yield: Kamen   Monday, 4 May 2015 | 5:00 AM ET
    Everyone's looking for yield: Kamen

    Have negative bond yields forced investors to seek returns from riskier assets like equities and junk bonds? Ken Kamen, president at Mercadien Asset Management, weighs in.

  • ATHENS, April 30- Ratings agency Moody's on Thursday cut Greece's credit rating deeper into junk territory due to uncertainty over whether the indebted country will be able to reach a deal with its international lenders in time to meet upcoming debt repayments. Moody's said it downgraded Greece's government bond rating to' Caa2' from' Caa1' and assigned it a "...

  • Puerto Rico not for faint of heart: Muni pro Tuesday, 28 Apr 2015 | 4:42 PM ET
    Public water utility workers fix a pipe in Old San Juan. The island-territory of the United States is on the brink of a debt crisis as lending has skyrocketed in the last decade with the government issuing municipal bonds mostly to finance pensions.

    Jeffrey Gundlach recently doubled his investment in Puerto Rico's debt, but that's no reason for the average investor to jump in, a bond pro said.

  • If nobody likes bonds, who’s buying? Sunday, 19 Apr 2015 | 6:53 PM ET

    It's a conundrum: bonds aren't likely to win a popularity contest any time soon, but analysts don't expect investor demand will slack off.

  • ATHENS, April 15- The ratings agency Standard& Poor's on Wednesday cut Greece's credit rating deeper into junk territory, citing worsening economic conditions due to prolonged negotiations between the country and its lenders. Greece has been locked in talks with its EU and IMF creditors on economic reforms for months and risks running out of cash within weeks...

  • Energy junk bonds find eager buyers Wednesday, 8 Apr 2015 | 6:51 PM ET
    An oil worker in Mentone, Texas.

    The dangers stalking the oil industry are already reflected in the price of US energy junk bonds. Financial Times reports.

  • Jumping on junk: Investors crazy for high yield Monday, 30 Mar 2015 | 1:51 PM ET
    Traders work on the floor of the New York Stock Exchange on March 18, 2015, in New York City.

    The supply of U.S. companies with junk-rated debt is rising just as investor demand for higher yields is climbing.

  • Play corporate bonds for the short term: Goldman Sunday, 29 Mar 2015 | 11:27 PM ET

    While corporate bonds may not look terribly attractive amid rising rate expectations, Goldman tips a good performance – but only in the short term.

  • Junk bond market defies skeptics Wednesday, 18 Mar 2015 | 11:28 AM ET
    Traders work on the floor of the New York Stock Exchange.

    There has been no sting in the tail for investors willing to bet on US high-yield bonds during 2015, the Financial Times reports.

  • SYDNEY/ NEW YORK, March 18- Australia's Fortescue Metals Group Ltd, the world's fourth-largest iron ore miner, pulled a $2.5 billion high-yield bond issue after investors rattled by tumbling ore prices balked at the offer, sending its shares to six-year lows. The scrapped refinancing deal is the latest sign of anxiety about massive oversupply in the iron ore...

  • SYDNEY/ NEW YORK, March 18- Fortescue Metals Group Ltd, the world's fourth-largest iron ore miner, has pulled a $2.5 billion high-yield bond issue after a weak response from investors worried about tumbling iron ore prices. Fortescue, which had net debt of $7.5 billion at Dec. 31, had been looking to push out any debt repayments by up to four years to 2021 and cut its...

  • NEW YORK/ SYDNEY, March 18- Fortescue Metals Group Ltd, the world's fourth-largest iron ore miner, has pulled a $2.5 billion high-yield bond issue after a weak response from investors who were concerned about a sharp drop in iron ore prices. Investment banks Credit Suisse and JP Morgan, lead managers for the issue, had first tried to arrange refinance for Fortescue...

  • Citi: Here's why these shares could surge 70% Tuesday, 10 Mar 2015 | 8:26 AM ET
    A trader at the Frankfurt Stock Exchange

    The European economy may appear mired in low growth and low-flation, but shares there may surge as much as 70 percent by end-2016, Citigroup said.